Is steel a critical component to the US economy? For decades, the United States had been one of the biggest markets for production and exports of the raw material. However, the days of men in their overalls carrying a lunch pale to the factory to manufacture steel are long gone. In recent years, the domestic steel industry has witnessed two trends: automation and outsourcing. Has this been a boon for the nation or a tremendous loss?
A Brief History of Steel
Heading into the 1970s, domestic manufacturing production of steel was substantial. Like the broader manufacturing sector, which contributed as much as one third to the national economy, the product’s creation at home has been on the decline. In fact, since the middle of the 1970s, US steel output has been on a downward trend. Even as of late, following the coronavirus pandemic, the industry experienced a tepid revival only to…
